Yes, you read that right. Do not talk to your accountant about past compliance mistakes. You do not share the attorney-client privilege with your accountant. Your accountant may be asked to testify against you, may be forced to testify against you in court, or may be forced to share information about you with investigators. Only an attorney can have confidential communications with you that will remain protected from disclosure by the attorney-client privilege. I’ve encountered several situations in my career as a criminal and civil tax defense lawyer where the accountant was put in an extremely difficult position because the client later “confessed” to something that he or she did wrong, or – even worse – told the accountant half the truth about the problem, and half a lie. Taxpayers can’t confess crimes to their accountant and keep that secret, because the accountant isn’t able to prevent the government from compelling documents or testimony about those communications.
Tag: IRS
Stimulus Bill Has This Hidden Student Loan Tax Benefit
Stimulus Bill Has This Hidden Student Loan Tax Benefit
The provision of the stimulus bill, if enacted, would change this, at least temporarily. It would exempt all student debt cancellation — whether complete or partial — from federal taxation. And the provision’s language is broad in that it appears to cover all types of student loans including Direct federal loans, federally guaranteed FFEL loans, and private student loans as well.
Perhaps most importantly, the window of coverage to January 1, 2026 means that it also, in theory, would cover any broad student debt cancellation enacted by President Biden or by Congress in the next four years, and would exempt any such cancellation of student debt from taxation. State taxing authorities, however, could still potentially consider student loan forgiveness as taxable.
Related:
17 Million Won’t Get Stimulus Checks—Expect The Same For Student Loan Cancellation
According to the Washington Post, this means that 17 million fewer Americans — including 12 million adults and 5 million children — will get a stimulus payment. As a result, individuals who earn between $80,000 and $100,000 as well as married or joint filers who earn between $160,000 and $200,000 will not get any stimulus check.
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‘Status Not Available:’ IRS says these taxpayers won’t receive second stimulus check automatically
‘Status Not Available:’ IRS says these taxpayers won’t receive second stimulus check automatically
“The IRS advises people that if they don’t receive their Economic Impact Payment, they should file their 2020 tax return electronically and claim the Recovery Rebate Credit on their tax return to get their payment and any refund as quickly as possible,” notes the agency.
How Trump’s Legal Challenges of the Election Results Turned into a Tax-Deductible ‘Coup’
How Trump’s Legal Challenges of the Election Results Turned into a Tax-Deductible ‘Coup’
“Petitioners do not disclose that their request is part of a coordinated effort launched this week to ‘file federal and state lawsuits challenging the presidential election results in Wisconsin, Pennsylvania, Michigan, Nevada, Georgia, and Arizona,’” the Democratic National Committee wrote in response to one such legal blitz by the Thomas More Society, a not-for-profit religious group.
Related:
Conservative nonprofit group challenging election results around the country has tie to Trump legal adviser Jenna Ellis
Should the Biden administration cancel student debt? Read this before you decide
Should the Biden administration cancel student debt? Read this before you decide
In addition, it’s possible to address other challenges plaguing the student-loan system — for example, the obstacles public servants and those scammed by their schools face accessing loan forgiveness that’s already on the books or the harsh consequences of student-loan default — while still providing some relief to borrowers now, Huelsman said.
‘Kraken’ attorney’s message for Trump fans: Make checks payable to Sidney Powell
‘Kraken’ attorney’s message for Trump fans: Make checks payable to Sidney Powell
Related:
If Trump is so concerned about Election Integrity, why did his legal team distance itself from Sidney Powell?!
Trump Tax Write-Offs Are Ensnared in 2 New York Fraud Investigations
Trump Tax Write-Offs Are Ensnared in 2 New York Fraud Investigations
Ms. Trump was an executive officer of the Trump companies that made the payments, meaning she appears to have been treated as a consultant while also working for the company. While companies can deduct professional fees, the Internal Revenue Service requires that consulting arrangements be market-based and reasonable, as well as “ordinary and necessary” to running a business.
Ms. Cat’s Chronicles 
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